(4/18) Taneytown's audit of Fiscal Year 2020 indicated that the city remains heading financially in the right direction, including increases in property tax revenues due to continued development, and a budget which under-estimated incoming revenue and over-estimated expenditures.
Representatives for accounting firm Deleon and Stang presented the council with a synopsis of the results of the FY 2020 audit at the council's October 7 work-session. Taneytown's fiscal year runs from July 1 through June 30.
The half-hour long "briefing" was presented by Michelle Mills, certified public accountant, and Addie Blickenstaff, senior auditor, the lead auditor on this year's audit, both of Deleon and Stang. Some highlights included a review of the FY 2020 budget (July 1, 2019 through June 30, 2020)
Blickenstaff reported that the council had established the anticipated revenues for the fiscal year in the amount of $4,062,047. The revenues generated actually resulted as being in the amount of $4,266,507, $204,460 which is more than expected. Anticipated expenditures were projected to amount to $6,484,358.
According to the audit, property taxes revealed the largest increase in revenue among the revenue sources. In FY 2019, the city received $2,459,323 in taxes. In FY 2020, the amount was $2,537,032, due to continued development. Income tax revenues actually dropped from $732,740 to $708,285. Licenses and permits saw a small increase from $110,996 to $113,675. Inter-governmental revenues dropped from $741,074 to $725,925. Service charges increased from $81,651 to $88,458.
Regarding expenditures, the actual expenditures for FY 2020 turned-out as being $4,507,177 (it was projected at $6,484,358), resulting in a quasi-savings of $1,977,181 (the surplus was actually the result of projects that were budgeted … but were not initiated before the conclusion of the fiscal year).
General government expenditures increased from $846,264 (FY 2019) to $887,151 (FY 2020), while public safety spending decreased from $1,540,173 to $1,496,217. Public works spending increased from $1,071,948 to $1,535,171, due to major contributing factors associated with the O'Brien Avenue Bridge project. Recreation and culture decreased from $573,647 to $315,181. The number generated during FY 2019 was due to the Stumptown Road purchase. Economic development spending remained slightly changed from the $114,772 spent in FY 2019, to $113,321 spent in FY
2020. Debt-service, which stood at $163,166 for FY 2019, dropped to $160,136 for FY 2020.
Blickenstaff stated the utility fund also gained ground following FY 2019. Operating revenues increased from $3,523,663 to $4,339,069 (due to beneficial assessments that were conducted). Operating expenses increased from $2,558,143 to $2,660,359.
